Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Republican Tax Scam Explained
Posted
October 17, 2017
Views
115,041
Likes
2,527
Comments
238
Engagement
2.40%
October 17, 2017
115,041
2,527
238
2.40%
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11:18Now PlayingCorporations claim that if they just get an enormous tax holiday, they’ll create tons of jobs. They are lying. Cenk Uygur, host of The Young Turks, breaks it down. Tell us what you think in the comment section below. Join TYT
"It's one of the vague parts of the Republican tax framework: some sort of one-time holiday to get corporations to return untaxed overseas profitsto the US.
Currently, the US seeks to tax the entire worldwide profits of US corporations, but it taxes foreign profits only once they're brought back here. So companies tend to leave foreign profits abroad, which allows them to delay paying taxes, often indefinitely.
In 2004, Republicans implemented a "repatriation holiday" to get companies to bring those profits back. Instead of paying their full tax bill — that is, the 35% US corporate tax minus a credit for whatever taxes they'd already paid to foreign countries on their foreign profits — they were allowed to pay a rate of only about 5%.”*
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Hosts: Cenk Uygur
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)
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